Thursday | Jun 26 2025 | 08:27:30 AM
New Delhi, June 14
The Enforcement Directorate (ED) conducted raids at 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad in connection with the Rs 2,676 crore Nexa Evergreen scam.
The ED carried out the searches under the Prevention of Money Laundering Act (PMLA), 2002, in connection with key accused Ranveer Bijarniya, Subhash Bijarniya and their associates who allegedly ran a massive Ponzi scheme that defrauded thousands of unsuspecting investors.
According to investigators, the accused lured people by claiming their money would be used to develop infrastructure under the Prime Minister’s Dholera City Project in Gujarat. Investors were promised either residential plots or exceptionally high returns within short periods. The accused structured the scheme using multi-level marketing strategies and elaborate referral reward programs to expand their reach. The fraudulent incentives included commissions for recruiting new investors, level-based incomes and luxury gifts such as laptops, bikes and cars upon reaching certain investment thresholds.
The officials informed that some early investors received small returns, helping build trust in the scheme. However, the payments stopped suddenly in January 2023. The accused then shut down offices and disappeared, leaving thousands of victims, many of whom had invested life savings or borrowed money, in financial distress.
During the June 12 raids, the ED seized cash amounting to Rs 2.04 crore, froze over Rs 15 crore held in bank accounts and cryptocurrency wallets and confiscated numerous incriminating documents and digital devices.
ED suspects a large-scale laundering of investor money through shell companies and crypto channels. Forensic and financial investigations are ongoing to trace the full extent of fund diversion.
